Lancashire Holdings, a Bermuda-based insurer, has reported an impressive operational performance for the first nine months of 2023. The company revealed its plans to return up to $169 million to shareholders while highlighting its growth in both the insurance and reinsurance segments.
Shareholder Returns and Buyback Initiative
Lancashire Holdings intends to distribute $119 million to shareholders through a special dividend of $0.5 per common share. Additionally, the company plans to execute a share buyback program worth up to $50 million.
Strong Growth in Gross Premiums Written
The company's gross premiums written experienced a remarkable increase of 23.2% year-on-year, reaching $1.56 billion for the nine-month period ended September 30. This growth was driven by impressive results in both the insurance and reinsurance sectors. The IFRS 17 insurance revenue also saw a significant surge of 22.1% compared to the same period last year, totaling $1.11 billion.
Natural Catastrophe Losses
While Lancashire Holdings achieved exceptional performance, it did incur some risk losses from natural catastrophe events during the period. Although these losses were not individually significant, they were taken into account within the company's overall operations.
Positive Outlook for 2024
Chief Executive Alex Maloney expressed confidence in the company's future, stating, "We continue to expect a positive environment into 2024." This outlook reflects Lancashire Holdings' strong operational performance and sets the stage for continued success.
